Mike Ashley’s retail business, Frasers Group, has launched a takeover move for Australian footwear business Accent.
Frasers currently owns a 22.9% stake in Accent but has now sought to take full control, amid a recent flurry of dealmaking by the UK firm.
On Monday, it offered around 316 million Australian dollars (£166 million) to buy the remainder of the business it does not already own.
It would pay shareholders in the business 65 Australian cents (34.2p) per share.
Shares in Melbourne-based Accent, which runs around 900 stores across Australia and New Zealand, jumped by 10% in early trading as a result.
The takeover move by Frasers comes after a slump in Accent’s share value in recent months, with the group having reported weaker like-for-like sales in an update last month.
Frasers, which is majority owned by Mike Ashley, first picked up a stake in Accent in 2024 and has steadily increased its holding in the brand.
Accent has also strengthened its ties to Frasers over the past year through a strategic partnership with Sport Direct.
It had previously agreed to run Sports Direct-branded stores in Australia and New Zealand, with hopes to open around 50 Sports Direct shops in the region over the next six years.
Frasers, which also owns the House of Fraser brand, has developed a strategy of building stakes in rival retail groups in recent years.
Last week, Frasers launched a major takeover offer for German fashion brand Hugo Boss, having steadily built up a significant shareholding in the firm in recent years.
Frasers, which currently owns around 26% of Hugo Boss, offered to pay around 1.98 billion euros (£1.73 billion) for the remainder of the business to take full control.
The offer would see Frasers pay 38 euros (£32) per share to Hugo Boss shareholders.
